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Nikkei Markets

Petronas Chemicals quarterly profit more-than-halves on-year

Cheaper prices weigh, analysts expect rebound in 4Q as utilization rate picks up

Petronas' net profit for the first half of 2019 rose 9% to $6.9 billion.

KUALA LUMPUR (Nikkei Markets) -- Cheaper product prices and weaker demand dragged Malaysia's Petronas Chemicals Group's quarterly net profit down again, sending the company's shares sharply lower in Kuala Lumpur trading on Wednesday.

Shares of Petronas Chemicals fell as much as 6% after the company said its net profit for the third quarter more-than-halved from a year earlier. Still, analysts said earnings will likely rebound in the coming quarter as plant activity returns to normal levels in absence of major shutdowns.

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